Core banking

Core banking is software for microfinance banks, lenders, SACCOs and co-operatives that Clusterz sets up and runs for you, at one monthly price. It is Mifos X on Apache Fineract, sized for about 30 staff.

• Every member in one record, with their details, loans and savings together.
• Loans from application to the last repayment: approve, pay out and follow each loan against its schedule.
• Members' savings accounts, with each deposit and withdrawal.
• The books: accounts that follow each loan and savings transaction.

How you start

1. Sign up, choose "Head of a microfinance bank" and type your bank's name.
2. See the price and the day your trial ends, then press Install.
3. Open Mifos X, reveal its password, set up your loan and savings products, and add your staff.

Start your team gives the steps in full.

What it costs

One monthly price for your whole team, with no setup fee and no licence fee, because Mifos X and Apache Fineract are open-source. The pricing section shows it. The first solution your team installs is free for 14 days.

Is this the real Mifos X?

Yes. It is the open-source Mifos X web app on Apache Fineract. Clusterz sets it up and runs it for you.

Does it produce our regulator's returns?

Mifos X holds the loan, savings and accounting records that returns are built from. We do not check its reports against the formats any regulator requires, so check yours during the free trial.

Can it run our own kinds of savings?

Mifos X keeps members, groups, savings and loans. Set up one of your own savings products during the trial to see how it fits.

Can we move our existing loan book in?

Clusterz sets up a new, empty system. Mifos X has import templates for clients, loans and savings, and a specialist can help with a large book.

Does Clusterz get us a licence or an approval?

No. Clusterz sets up and runs your banking software. Your licence, approvals and returns stay with your bank.

Who can see our members' data?

Only the staff you give a login, and only your team's owner can reveal the admin password. Our terms say where the data is kept and when our staff may access it, in sections 8 and 10.

Is it backed up?

The database sends its changes to its backup at least every minute and is copied in full every night. You can put it back to any minute of its backup period from your dashboard. Backups and restores says what is covered and how.

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